Choose a blog

FDIC sold Amberly assets last summer as part of $1.4 billion loan sale

Milestone Asset Resolution Company, the California firm that took over the deed to much of the Amberly development in Cary last week, actually purchased the loans on the property last summer.

The assets were sold to Milestone on June 4, 2010 as part of a $1.4 billion loan sale between the Federal Deposit Insurance and Barclays, said Greg Hernandez, a spokesman for the FDIC in Washington.

Earlier this week, an official with Milestone declined to comment on the Amberly property's future.

The deed to much of the 1,100-acre community in northwest Cary was transferred to Milestone last week in a transaction valued at $19.2 million.

L.M. Sandler & Sons of Virginia Beach, Va., transferred the deed to avoid foreclosure, according to Wake County property records.

Sandler's lender on the portion of the project, Cleveland-based AmTrust Bank, collapsed in late 2009, and the assets were taken over by the FDIC.

Cars View All
Find a Car
Jobs View All
Find a Job
Homes View All
Find a Home

Want to post a comment?

In order to join the conversation, you must be a member of Click here to register or to log in.